Plexus Holdings wins Malaysia manufacturing licence

14th Jul 2015 09:37

(ShareCast News) - UK-based Plexus Holdings has received the green light to manufacture and supply its POS-GRIP wellhead equipment in Malaysia.The AIM-listed group, which is engaged in marketing its safer method of engineering for oil and gas field wellheads and connectors, said its Plexus Products (Asia) partnership with Integrated Petroleum Services has been awarded by Malaysian state oil and gas company Petronas.Plexus said it expected to benefit from the strong manufacturing, regional network and relationships of its partner as it looked to manufacture and supply POS-GRIP exploration and production wellhead equipment to the Malaysian rental market.The POS-GRIP technology is an alternative to the existing "slip and seal" and "mandrel hanger" wellhead technologies."With the latest flurry of news flow, this is truly an exciting period for Plexus. We anticipate that this will lead to many more supply opportunities in this important market," said group chief executive Ben Van Bilderbeek.The company recently secured licence and share subscription agreements with a major Chinese oil services provider Yantai Jereh which will manufacture and offer Plexus' wellhead equipment into the Chinese, wider Asian, Brazil, Indian and Middle East oil and gas markets.Plexus shares were down 0.86% to 230.00p at 08:45 on Tuesday.